China-US tariff extension again, SHFE zinc edges up slightly [SMM zinc futures brief comment]

SMM News on August 12:

The most-traded SHFE zinc 2509 contract opened at 22,535 yuan/mt. In the early session, SHFE zinc dipped to 22,495 yuan/mt. After the opening, SHFE zinc climbed steadily, reaching a high of 22,655 yuan/mt at the end of the session. It finally closed up at 22,630 yuan/mt, gaining 125 yuan/mt or 0.56%. Trading volume increased to 44,313 lots, while open interest decreased by 1,895 lots to 87,488 lots. SHFE zinc recorded a bullish candlestick, with the 10-day moving average providing support below. The joint statement from the China-US Stockholm Economic and Trade Talks was released, with both sides agreeing to suspend the implementation of 24% tariffs for another 90 days. Market sentiment was boosted, and SHFE zinc edged higher during the day.